Stuff 4 Every LL (by S i d [MO]) Jan 8, 2018 5:50 AM|
Stuff 4 Every LL (by RB [MI]) Jan 8, 2018 6:37 AM
Stuff 4 Every LL (by Andrew, Canada [ON]) Jan 8, 2018 6:53 AM
Stuff 4 Every LL (by David [MI]) Jan 8, 2018 7:50 AM
Stuff 4 Every LL (by David [MI]) Jan 8, 2018 9:43 AM
Stuff 4 Every LL (by Ne [PA]) Jan 8, 2018 11:44 AM
Stuff 4 Every LL (by LindaJ [NY]) Jan 8, 2018 11:51 AM
Stuff 4 Every LL (by AllyM [NJ]) Jan 8, 2018 4:08 PM
Stuff 4 Every LL (by Ray-N-Pa [PA]) Jan 9, 2018 5:37 PM
Stuff 4 Every LL (by Mickie [OH]) Jan 9, 2018 7:04 PM
Stuff 4 Every LL (by mike [CA]) Jan 15, 2018 11:18 AM
Stuff 4 Every LL (by Bob [GA]) Jan 15, 2018 11:31 AM
Stuff 4 Every LL (by S i d [MO]) Posted on: Jan 8, 2018 5:50 AM
A friend of mine recently posted a "Guide for Sons" on Facebook. Basically a "this is stuff every young guy need to know".
I have a list of things I think every land lord should know. Some of these are specific to land lords; others are generically applicable to any business. Here's what I've got: what can you add?
1) Know your state's land lord / tenant laws better than your tenants.
2) Be able to judge a potential renter's or contractor's character by carefully listening to their responses to a few simple questions, observing their body language, and scrutinizing their tone of voice.
3) Be confident in yourself. How you look, how you dress, how you carry yourself, how you answer questions, how you respond to criticism, and how you accept responsibility.
4) Know what you're trying to accomplish. Have ways to measure if you are moving toward or away from your goal(s).
5) Know how all the major components of a house function and relate to each other: roofing, siding, HVAC, electrical, plumbing, foundation, sewer/septic. Don't have to be able to repair/replace them, but be able to judge when something should be repaired or replaced and how it fits into the overall picture.
6) Know the value of your time and act accordingly.
7) Have at least one other person (preferably 3+) who are in the same business whom you can talk to, bounce ideas off, and commiserate. This is more in-depth than a REIA.
8) Have at least three professionals/full-timers on your "speed dial" list in each area: legal, plumbing, HVAC, electrical, framing/roofing, handyman.
9) Be honest with yourself both with successes and failures. Learn and grow when you fail.
10) Always tell tenants, contractors, and professional service providers about your expectations up front. Have an established follow up schedule. Correct issues when found, and be prepared to "let them go" when they fail to meet those expectations.
Stuff 4 Every LL (by RB [MI]) Posted on: Jan 8, 2018 6:37 AM
Kill'em with kindness, until you cant. (Then cut the Cord)
Keep your Ego and Attitude at the Curb. (Mr.Big Shot)
Judge Motives and Intentions. (Screening Never Ends)
Screen x3 (effort) No exceptions. (What would Columbo do?)
Tenants either Qualify or they Don't. (Which one is it?)
Keep'em on a Short Leash. (Let them know you care)
Find Your Own Niche in this Realty Biz. (No Copycats)
Never Stop Learning. (Any way you can)
At the end of the day, its you and yours, against the World. (Be prepared to stand, alone)
Stuff 4 Every LL (by Andrew, Canada [ON]) Posted on: Jan 8, 2018 6:53 AM
Know your "WHY".
This means....know why you want to be a landlord. Know the reason you are willing to pay the price of time, labor, stress risk and financial investment. You must have a compelling reason and goals.... that is your "why".
Without a " why", all the best advice and mentors wont be able to help you as you simply wont have the ability to provide the continuous drive and dedication needed to survive and be successful. --65.94.xxx.xxx
Stuff 4 Every LL (by David [MI]) Posted on: Jan 8, 2018 7:50 AM
What the law says you must (not) do, and what you can get away with are two different things. --12.156.xxx.xx
Stuff 4 Every LL (by David [MI]) Posted on: Jan 8, 2018 9:43 AM
Also, as applicable to many things in life, underpromise and overdeliver --12.156.xxx.xx
Stuff 4 Every LL (by Ne [PA]) Posted on: Jan 8, 2018 11:44 AM
You need to know when to let your tenants speak and when to gracefully and professionally shut them up. --50.32.xxx.xxx
Stuff 4 Every LL (by LindaJ [NY]) Posted on: Jan 8, 2018 11:51 AM
Don't let your emotions get the better of you.
Keep your anger in check, no place for it here, no matter how you are treated.
Your house, tenants home - make for long term tenancy.
Try to look at it from the tenant's prospective as well as your own before you make a judgement --96.236.xx.xx
Stuff 4 Every LL (by AllyM [NJ]) Posted on: Jan 8, 2018 4:08 PM
Make your rentals nice enough that you would live in them.
Don't act authoritarian, like a bad teacher.
Fix problems right away.
Stuff 4 Every LL (by Ray-N-Pa [PA]) Posted on: Jan 9, 2018 5:37 PM
Have a one page list of contractors that you have talked to in advance of an issue........Not knowing these folks before you need them will be a costly education for the LL......and the LL is betting that nothing bad will ever happen --24.101.xxx.xxx
Stuff 4 Every LL (by Mickie [OH]) Posted on: Jan 9, 2018 7:04 PM
It's a business. If you don't treat it that way you have an expensive hobby which isn't usually as lucrative.
Stick with well defined processes and procedures. Someday your business will grow & it makes sense to be ready to hire it out.
Be a professional and pleasant in your dealings with both prospective tenants & tenants. But be clear,concise,firm and don't get involved in tenant drama or problems.
Don't put your personal life out there for your tenants. Would the electric or water company do that with you?
Stuff 4 Every LL (by mike [CA]) Posted on: Jan 15, 2018 11:18 AM
mickie [OH]...you nailed it.
i would add learn to reflexively say "absolutely not" to deviations from your policy (pets, lates fees, repairs in lieu of rent, ANY new tenants without screening, etc.) and "of course" to issues that you are contractually bound to. toss 'em around when needed and be sure they know you take the contract seriously and expect the same --76.176.xxx.xxx
Stuff 4 Every LL (by Bob [GA]) Posted on: Jan 15, 2018 11:31 AM
Make sure they know where the water cut off is and that they own a plunger. --108.193.xxx.xxx